Navitas Semiconductor (NASDAQ:NVTS) Price Target Raised to $6.00

Navitas Semiconductor (NASDAQ:NVTS - Free Report) had its price target hoisted by Rosenblatt Securities from $4.00 to $6.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Robert W. Baird lowered their price target on Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. Morgan Stanley cut Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their target price for the stock from $2.10 to $1.50 in a report on Monday, April 7th. Finally, Needham & Company LLC decreased their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $3.79.

Navitas Semiconductor Trading Up 43.9%

NVTS traded up $1.94 during midday trading on Thursday, hitting $6.35. The company's stock had a trading volume of 196,832,284 shares, compared to its average volume of 9,813,292. The firm has a market cap of $1.22 billion, a P/E ratio of -15.11 and a beta of 2.24. The firm has a 50-day moving average price of $2.10 and a two-hundred day moving average price of $2.69. Navitas Semiconductor has a 52-week low of $1.52 and a 52-week high of $7.53.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $14.02 million during the quarter, compared to analysts' expectations of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm's revenue was down 39.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) EPS. On average, equities analysts expect that Navitas Semiconductor will post -0.51 EPS for the current year.

Insider Transactions at Navitas Semiconductor

In related news, Director David Moxam sold 75,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $2.08, for a total transaction of $156,000.00. Following the transaction, the director now directly owns 792,848 shares of the company's stock, valued at approximately $1,649,123.84. The trade was a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Todd Glickman sold 13,644 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $2.59, for a total value of $35,337.96. Following the transaction, the chief financial officer now directly owns 684,497 shares in the company, valued at $1,772,847.23. This trade represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 153,877 shares of company stock worth $349,262. 31.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SCS Capital Management LLC acquired a new position in shares of Navitas Semiconductor in the 1st quarter valued at approximately $567,000. Hsbc Holdings PLC raised its position in shares of Navitas Semiconductor by 980.4% during the 1st quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock valued at $323,000 after acquiring an additional 143,890 shares in the last quarter. American Century Companies Inc. raised its position in shares of Navitas Semiconductor by 650.6% during the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock valued at $242,000 after acquiring an additional 102,169 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Navitas Semiconductor during the 1st quarter valued at approximately $675,000. Finally, Invesco Ltd. raised its position in shares of Navitas Semiconductor by 22.2% during the 1st quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after acquiring an additional 331,832 shares in the last quarter. 46.14% of the stock is owned by institutional investors and hedge funds.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.